Core Viewpoint - The announcement details the conversion of the company's convertible bonds "铜陵定02" and the changes in the company's share capital structure, highlighting the bond's conversion period and price adjustments [1]. Group 1: Convertible Bond Issuance - The company received approval from the China Securities Regulatory Commission on July 12, 2023, to issue 2,140,476,679 shares and 3,336,626 convertible bonds to purchase related assets, with a fundraising limit of up to 2.146 billion yuan [1]. - A total of 21,460,000 convertible bonds were issued, with the bond code "124024" and the bond name "铜陵定02," which were registered on October 23, 2023 [1]. Group 2: Conversion Price Adjustments - The initial conversion price was set at 3.38 yuan per share, which was adjusted to 3.30 yuan and then further reduced to 3.20 yuan due to annual equity distribution adjustments [1]. Group 3: Conversion and Share Capital Changes - As of the announcement, the remaining number of convertible bonds "铜陵定02" is 21,419,990, with the remaining amount reflecting the company's capital structure [1][2].

有色金属 姓名：龙奥明 宝城期货投资咨询部 从业资格证号：F3035632 投资咨询证号：Z0014648 电话：0571-87006873 邮箱：longaoming@bcqhgs.com 作者声明 本人具有中国期货业协会授 予的期货从业资格证书，期货投 资咨询资格证书，本人承诺以勤 勉的职业态度，独立、客观地出 具本报告。本报告清晰准确地反 映了本人的研究观点。本人不会 因本报告中的具体推荐意见或观 点而直接或间接接收到任何形式 的报酬。 投资咨询业务资格：证监许可【2011】1778 号 有色金属 | 日报 2025 年 7 月 1 日 有色日报 专业研究·创造价值 铜价午后增仓上行 核心观点 沪铜 今日铜价增仓上行，主力期价站上 8.07 万关口，沪铜持仓量午后 上升超 2 万张。午后有色普涨，白银也上行明显。宏观层面，上周以 色列和伊朗停战，宏观氛围回暖，此外，美联储降息预期升温，美 元持续下挫，利好铜价。产业层面，Mysteel 电解铜库存为 12.35 万 吨，较上周去库 0.84 万吨。宏观和产业利好共振推动铜价站上 8 万 关口，预计铜价将维持强势。 沪铝 有色金属 | 日报 1. 产业动态 ...

| 有色及贵金属日度数据简报 | 2025/7/1 | 莫骁雄 | 王荣 | 李先飞 | Z0012691 | Z0019413 | Z0002529 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 国泰君安期货研究所有 | jixianfei@gtht.com | moxiaoxiong@gtht.com | wangrong2@gtht.com | 色及贵金属组 | 张再宇 | 王宗源(联系人) | 刘雨萱 | Z0021479 | F03142619 | Z0020476 | | | | | | | zhangzaiyu@gtht.com | liuyuxuan@gtht.com | wangzongyuan@gtht.com | 黄金 (AU) | 今天 | 上月 | 前一交易日 | 上周 | | | | | | | | | | 指标名称 | 2025/7/1 | 2025/6/30 | 2025/6/24 | 20 ...

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - In the copper market, due to the uncertain S232 investigation on copper and the anticipation of US copper tariffs, a large amount of electrolytic copper has flowed to the US, leading to low inventory levels in the LME and domestic markets. The copper market is in a tight - balance situation prone to short - squeezes. After the S232 investigation results are released, the market logic may reverse [1]. - For aluminum, supply has increased slightly, and demand is expected to seasonally weaken in July. The supply - demand balance is expected to be flat, with a short - term stable fundamental situation. Attention should be paid to demand and low - inventory arbitrage opportunities [1]. - Zinc prices have fluctuated upwards this week, mainly due to high macro - sentiment. Supply is expected to increase in July, while demand is seasonally weak. The strategy is to maintain a short - allocation mindset for zinc and hold long - short positions between domestic and foreign markets [2]. - In the nickel market, supply remains high, demand is weak, and inventory shows different trends overseas and domestically. Attention can be paid to the opportunity of narrowing the nickel - stainless steel price ratio [5]. - The stainless - steel market has a weak fundamental situation, with supply cuts by some steel mills, mainly driven by rigid demand. Inventory has slightly increased, and prices are expected to fluctuate weakly in the short term [6]. - Lead prices rebounded from a low level this week, mainly due to speculation on battery stocking demand and overseas cancelled warrants. However, actual downstream demand is mainly for rigid replenishment. It is expected that lead will fluctuate in the range of 16,800 - 17,300 next week, with a slight decrease in primary supply and weak demand in July [7]. - Tin prices have fluctuated upwards, mainly affected by commodity sentiment. Supply is affected by mining issues, and demand is expected to decline. In the short term, long - positions can be cautiously held, and high - short opportunities after the maintenance period can be considered in the medium - to - long term [10]. - For industrial silicon, due to significant production cuts by leading enterprises, the supply - demand balance has shifted to inventory reduction, and prices are expected to fluctuate strongly in the short term. In the long term, prices are expected to be anchored to the cash - flow cost of leading enterprises [13]. - Carbonate lithium prices have risen due to sentiment speculation. Supply is expected to be excessive in the short term, leading to inventory accumulation and downward pressure on prices. However, "anti - involution" competition policies may drive sentiment up [15]. 3. Summary by Metal Copper - **Price and Inventory Changes**: From June 24 to June 30, the spot price of Shanghai copper increased by 25, the premium changed by - 13, and the LME inventory decreased by 650 tons [1]. - **Market Situation**: The market is worried about the S232 investigation. The anticipation of US copper tariffs has led to a large amount of copper flowing to the US, resulting in low inventory levels and increased price volatility [1]. Aluminum - **Price and Inventory Changes**: From June 24 to June 30, the Shanghai aluminum ingot price decreased by 110, and the LME inventory increased by 550 tons [1]. - **Market Situation**: Supply has increased slightly, demand is expected to seasonally weaken in July, and the supply - demand balance is expected to be flat [1]. Zinc - **Price and Inventory Changes**: From June 24 to June 30, the Shanghai zinc ingot price decreased by 80, and the LME inventory decreased by 1750 tons [2]. - **Market Situation**: Zinc prices have fluctuated upwards due to high macro - sentiment. Supply is expected to increase in July, while demand is seasonally weak [2]. Nickel - **Price and Inventory Changes**: From June 24 to June 30, the price of 1.5% Philippine nickel ore remained unchanged, and the LME inventory decreased by 288 tons [5]. - **Market Situation**: Supply remains high, demand is weak, and inventory shows different trends overseas and domestically [5]. Stainless Steel - **Price and Inventory Changes**: From June 24 to June 30, the price of 304 cold - rolled coils remained unchanged, and the inventory in Xijiao and Foshan slightly increased [6]. - **Market Situation**: The fundamental situation is weak, with supply cuts by some steel mills and mainly rigid demand [6]. Lead - **Price and Inventory Changes**: From June 24 to June 30, the spot premium decreased by 5, and the LME inventory decreased by 1500 tons [7]. - **Market Situation**: Lead prices rebounded from a low level due to speculation, but actual downstream demand is mainly for rigid replenishment. It is expected to fluctuate in a certain range next week [7]. Tin - **Price and Inventory Changes**: From June 24 to June 30, the spot import profit decreased by 1572.76, and the LME inventory remained unchanged [10]. - **Market Situation**: Tin prices have fluctuated upwards due to commodity sentiment. Supply is affected by mining issues, and demand is expected to decline [10]. Industrial Silicon - **Price and Inventory Changes**: From June 24 to June 30, the 421 Yunnan basis decreased by 30, and the number of warehouse receipts decreased by 271 [13]. - **Market Situation**: Due to significant production cuts by leading enterprises, the supply - demand balance has shifted to inventory reduction, and prices are expected to fluctuate strongly in the short term [13]. Carbonate Lithium - **Price and Inventory Changes**: From June 24 to June 30, the SMM electric - carbon price increased by 150, and the number of registered warehouse receipts increased by 630 [15]. - **Market Situation**: Prices have risen due to sentiment speculation. Supply is expected to be excessive in the short term, leading to inventory accumulation and downward pressure on prices [15].

有色商品日报 有色商品日报（2025 年 7 月 1 日） 一、研究观点 | 品 | | 点评 | | --- | --- | --- | | 种 | | | | | 隔夜 LME 铜先抑后扬，上涨 0.01%至 9878 美元/吨；SHFE 铜主力上涨 0.01%至 79780 | | | | 元/吨；现货进口维系亏损态势，且亏损幅度较大。宏观方面，昨日特朗普在接受媒 | | | | 体采访时表示，无需延长即将到期的关税期限，将在未来几天内向包括日本在内的数 | | | | 百个国家发送信函，单方面告知各国对美出口商品的关税税率，而非继续进行贸易谈 | | | | 判。这或意味着 7 月关税期限到期前后风险事件可能再现。另外，昨日特朗普发文再 | | | | 次批评美联储主席鲍威尔和整个美联储理事会不降息的作为。国内方面，国家统计局 | | | 铜 | 公布数据显示，6 月份制造业 PMI 为 49.7%，比上月上升 0.2 个百分点，制造业景气 | | | | 水平继续改善。库存方面，LME 库存下降 650 吨至 90625 吨；Comex 铜库存增加 | | | | 1749 吨至 191607 吨； ...

有色套利早报 研究中心有色团队 2025/07/01 铜：跨市套利跟踪 2025/07/01 国内价格 LME价格 比价 现货 79990 10059 7.97 三月 79680 9878 8.07 均衡比价 盈利 现货进口 8.13 -1666.99 现货出口 1406.63 锌：跨市套利跟踪 2025/07/01 国内价格 LME价格 比价 现货 22500 2770 8.12 三月 22445 2780 6.17 均衡比价 盈利 现货进口 8.64 -1440.41 铝：跨市套利跟踪 2025/07/01 国内价格 LME价格 比价 现货 20780 2598 8.00 三月 20495 2599 7.90 均衡比价 盈利 现货进口 8.54 -1404.94 镍：跨市套利跟踪 2025/07/01 国内价格 LME价格 比价 现货 119900 15025 7.98 均衡比价 盈利 现货进口 8.23 -2486.93 铅：跨市套利跟踪 2025/07/01 免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内 容的客 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Weak US dollar boosts market risk appetite, and base metal prices oscillate upwards. In the short - to - medium term, weak US dollar, low LME inventories, and weakening demand expectations are intertwined, with non - ferrous metals oscillating higher. Pay attention to structural opportunities and short - term long opportunities in copper, aluminum, and tin. In the long term, the demand outlook for base metals remains uncertain, and consider shorting opportunities for some oversupplied or expected - to - be - oversupplied varieties on price rallies [1]. Summary by Related Catalogs Copper - **Viewpoint**: The US dollar index declines, and copper prices operate at a high level. - **Information Analysis**: China's June manufacturing PMI is 49.7%, up 0.2 percentage points from the previous month. The 2025 mid - year TC/RC negotiation result between Antofagasta and Chinese smelters is 0.0 dollars/dry ton and 0.0 cents/pound. May electrolytic copper output increased. Spot copper premiums rose, and copper inventories decreased [3]. - **Main Logic**: Macroscopically, expectations of Fed rate cuts drive the US dollar index down, boosting copper prices. Supply - side raw material shortages lead to smelter production cuts. Demand weakens in the off - season, but low inventories support prices. There is also a risk of a short squeeze on the LME [4]. - **Outlook**: Copper supply constraints remain, and low inventories support copper prices. In the short term, copper may show high - level oscillations [4]. Alumina - **Viewpoint**: Warehouse receipt numbers remain low, and the alumina futures market oscillates. - **Information Analysis**: Spot prices in different regions are stable or slightly changed. An overseas transaction price increased. Warehouse receipts on the SHFE were flat [5][6]. - **Main Logic**: In the short - to - medium term, there is no shortage of ore, with rising production capacity and inventories, and a downward - moving spot price center. However, significant warehouse receipt reduction causes concerns. Long - term events have limited impact for now [5]. - **Outlook**: In the long - term, it oscillates weakly. Observe near - month warehouse receipt numbers. Consider shorting cautiously after the far - month contract rises further. Participate in reverse arbitrage if warehouse receipts increase or there is a risk - free arbitrage opportunity in the near - month contract [5]. Aluminum - **Viewpoint**: The sustainability of inventory accumulation needs to be observed, and electrolytic aluminum prices oscillate at a high level. - **Information Analysis**: The average price of SMM AOO aluminum decreased, and inventories increased [7][12]. - **Main Logic**: Short - term geopolitical conflicts ease, the US dollar weakens, and risk appetite recovers. Domestic inventories are accumulating, but the sustainability is uncertain. In the long term, aluminum demand depends on actual consumption [9]. - **Outlook**: In the short term, market sentiment improves, and prices may oscillate strongly. In the long term, consumption is a concern, and consider shorting on price rallies [9]. Aluminum Alloy - **Viewpoint**: Spot trading is light, and the aluminum alloy futures market oscillates. - **Information Analysis**: The price of ADC12 decreased, and there are uncertainties in trade policies [9]. - **Main Logic**: Short - term costs are driven up by aluminum prices, but demand is seasonally weak. In the future, the price difference between ADC12 and A00 may rise [10]. - **Outlook**: In the short term, spot ADC12 and ADC12 - A00 oscillate weakly, and the futures market follows electrolytic aluminum. In the medium term, there is room for price recovery [10]. Zinc - **Viewpoint**: Supply and demand are slightly oversupplied, and pay attention to shorting opportunities at high zinc prices. - **Information Analysis**: Spot premiums vary in different regions, inventories increased, and a mine's production forecast is adjusted [10][13]. - **Main Logic**: Macroscopically, the situation is neutral. Supply is loosening, and smelters are profitable. Demand is in the off - season, and inventories are accumulating. In the long term, supply will increase while demand growth is limited [14]. - **Outlook**: In July, zinc production will increase, demand will weaken, and inventories will accumulate. Zinc prices are expected to oscillate weakly [14]. Lead - **Viewpoint**: Cost support is stable, and lead prices oscillate. - **Information Analysis**: Scrap battery prices are stable, lead ingot prices decreased slightly, and inventories increased slightly [14][15]. - **Main Logic**: On the spot side, premiums are stable. Supply - side production may decrease slightly, and demand - side battery factory operating rates are recovering [15]. - **Outlook**: After tariff cuts, demand recovers, and supply may decrease. Cost support is strong, and lead prices will oscillate [15]. Nickel - **Viewpoint**: Indonesian nickel enterprises' construction accelerates, and nickel prices oscillate widely in the short term. - **Information Analysis**: LME and SHFE nickel inventories changed, and there are multiple industry - related events such as project construction and policy changes [16][17]. - **Main Logic**: Market sentiment dominates the market. The industrial fundamentals are weakening marginally. Raw material supply may loosen, and there is an oversupply of electrolytic nickel with high inventories [20]. - **Outlook**: Market sentiment improves. Long - term positions can be closed. In the short term, nickel prices will oscillate widely [20]. Stainless Steel - **Viewpoint**: Nickel iron prices continue to decline, and the stainless - steel futures market oscillates weakly. - **Information Analysis**: Futures warehouse receipts decreased, spot premiums exist, and there are industry - related events in Indonesia and South Korea's anti - dumping policies [21][23]. - **Main Logic**: Nickel iron and chrome iron prices are weakening, and steel mills are under pressure. Production may decrease, and demand may weaken. Inventory accumulation is limited [26]. - **Outlook**: Cost support weakens, but price drops may lead to production cuts. Pay attention to inventory and cost changes. In the short term, it may maintain range - bound oscillations [26]. Tin - **Viewpoint**: The supply - demand fundamentals are resilient, and tin prices oscillate. - **Information Analysis**: Warehouse receipts on the LME were flat, and those on the SHFE increased. Spot prices decreased [26][27]. - **Main Logic**: Domestic tin ore shortages are intensifying, and Indonesian export license replacement causes supply problems. Supply is expected to decrease, but demand may weaken in the second half of the year [27]. - **Outlook**: Tin prices are supported by tight ore supply. The extent of the transmission of ore shortages to ingot supply will determine the price level in July. Tin prices are expected to oscillate [27].

Report Industry Investment Ratings There is no specific industry investment rating provided in the given reports. Core Views Copper - Market expects the Fed to enter an interest - rate cut cycle in July or September, weakening the US dollar and boosting copper prices. The tight supply in other regions and the continuation of "strong reality" in the fundamentals support copper prices. Short - term copper prices may rebound, and the shortage trend is hard to reverse before the "232" investigation ends, with a reference range of 79000 - 81000 [1]. Aluminum - Alumina market maintains a slight surplus in the short - term, with prices expected to oscillate weakly, and it is recommended to short at high levels in the medium - term, with a reference range of 2750 - 3150. Aluminum prices are supported by the macro environment and low inventory but limited by the off - season, expected to be in high - level wide - range oscillations, with a reference range of 20000 - 20800 [3]. Aluminum Alloy - The aluminum - alloy market remains in a situation of weak supply and demand, with the demand side being more prominent. The market will continue to suppress price increases, but the stable aluminum - aluminum alloy price spread and the strong electrolytic aluminum price provide support. The price is expected to oscillate weakly, with a reference range of 19200 - 20000 [4]. Zinc - The zinc ore supply is in a loose trend. The demand side is weakening. It is advisable to take a high - short approach, with a focus on the TC growth rate and downstream demand changes. The reference range for the main contract is 22500 - 23000 [7]. Nickel - The nickel market has a short - term price rebound due to improved sentiment. The supply shortage of nickel ore has been alleviated. The cost support has weakened, and the medium - term supply is loose. The price is expected to adjust within a range, with a reference range of 116000 - 124000 [9]. Stainless Steel - The stainless - steel market has a short - term price rebound affected by news and sentiment. The fundamentals are weak, with high production, weak demand, and slow inventory reduction. The price is expected to operate weakly, with a reference range of 12300 - 13000 [11]. Tin - The tin supply recovery is slow, and the price is expected to oscillate strongly in the short - term. Considering the pessimistic demand outlook, it is advisable to short at high levels based on the inflection points of inventory and import data [12]. Lithium Carbonate - The lithium carbonate market has a short - term price rebound due to news and sentiment. The supply is sufficient with clear pressure, and the demand is hard to boost. The price is expected to operate within a range of 58000 - 64000, and attention should be paid to upstream production and downstream orders [14]. Summary by Related Catalogs Copper - **Price and Basis**: SMM 1 electrolytic copper rose to 80125 yuan/ton, up 1.50%. The refined - scrap price difference increased by 35.34%. The import profit and loss was - 2990 yuan/ton [1]. - **Fundamental Data**: In May, electrolytic copper production was 113.83 million tons, up 1.12%, and imports were 25.31 million tons, up 1.23%. Domestic social inventory decreased by 10.83% [1]. Aluminum - **Price and Spread**: SMM A00 aluminum rose to 20890 yuan/ton, up 1.36%. The import profit and loss was - 1169 yuan/ton [3]. - **Fundamental Data**: In May, alumina production was 727.21 million tons, up 2.66%, and electrolytic aluminum production was 372.90 million tons, up 3.41%. The social inventory of electrolytic aluminum increased by 3.12% [3]. Aluminum Alloy - **Price and Spread**: SMM aluminum alloy ADC12 rose to 20100 yuan/ton, up 0.50%. The monthly spread of some contracts changed [4]. - **Fundamental Data**: In May, the production of recycled aluminum alloy ingots was 60.60 million tons, down 0.66%. The weekly social inventory of recycled aluminum alloy ingots increased by 6.74% [4]. Zinc - **Price and Spread**: SMM 0 zinc ingot rose to 22570 yuan/ton, up 1.39%. The import profit and loss was - 1307 yuan/ton [7]. - **Fundamental Data**: In May, refined zinc production was 54.94 million tons, down 1.08%, and imports were 2.82 million tons, up 2.40%. The seven - region social inventory of zinc ingots decreased by 0.13% [7]. Nickel - **Price and Basis**: SMM 1 electrolytic nickel rose to 122300 yuan/ton, up 0.53%. The cost of integrated MHP to produce electrowon nickel decreased by 4.16% [9]. - **Supply and Inventory**: In May, China's refined nickel production was 35350 tons, down 2.62%. SHFE inventory decreased by 1.51% [9]. Stainless Steel - **Price and Spread**: The price of 304/2B (Wuxi Hongwang 2.0 coil) remained at 12700 yuan/ton. The monthly spread of some contracts changed [11]. - **Fundamental Data**: In May, the production of 300 - series stainless - steel crude steel in China was 179.12 million tons, up 0.36%. The social inventory of 300 - series decreased by 0.28% [11]. Tin - **Spot Price and Basis**: SMM 1 tin rose to 269000 yuan/ton, up 1.20%. The import profit and loss was - 14640.51 yuan/ton [12]. - **Fundamental Data**: In May, tin ore imports were 13449 tons, up 36.39%. SMM refined tin production was 14840 tons, down 2.37% [12]. Lithium Carbonate - **Price and Basis**: SMM battery - grade lithium carbonate rose to 61150 yuan/ton, up 0.91%. The basis was - 2190 yuan/ton [14]. - **Fundamental Data**: In May, lithium carbonate production was 72080 tons, down 2.34%. The total inventory increased by 1.49% [14].

有色金属日报 2025-6-30 五矿期货早报 | 有色金属 吴坤金 从业资格号：F3036210 交易咨询号：Z0015924 0755-23375135 wukj1@wkqh.cn 曾宇轲 从业资格号：F03121027 0755-23375139 zengyuke@wkqh.cn 张世骄 从业资格号：F03120988 0755-23375122 zhangsj3@wkqh.cn 王梓铧 从业资格号：F03130785 0755-23375132 wangzh7@wkqh.cn 刘显杰 从业资格号：F03130746 0755-23375125 liuxianjie@wkqh.cn 铜 有色金属小组 陈逸 从业资格号：F03137504 0755-23375125 cheny40@wkqh.cn 上周铜价冲高，伦铜周涨 2.26%至 9879 美元/吨，沪铜主力合约收至 79920 元/吨。产业层面，上周 三大交易所库存环比减少 2.0 万吨，其中上期所库存减少 1.9 至 8.2 万吨，LME 库存减少 0.8 至 9.1 万吨，COMEX 库存增加 0.7 至 19.0 万吨。上海保税区库存增加 0 ...

有色商品日报 有色商品日报 | | 收至 130 元/吨。佛山 A00 报价回落至 20490 元/吨，对无锡 A00 贴水 140 元/吨，铝棒 | | | --- | --- | --- | | | 加工费包头河南临沂持稳，新疆南昌无锡广东下调 20-50 元/吨，铝杆 1A60 系、6/8 | 系 | | | 加工费持稳，低碳铝杆上调 93 元/吨。氧化铝远月矿石扰动和新增投产压力并存，区间 | | | | 震荡为主。电解铝需求边际走弱与低铸锭量和低仓单挤仓效应间存在博弈，宏观风险 | | | | 计价加码，警惕波动风险。废铝成本支撑仍在，铝合金持续关注滚动做多 AD-AL 价差 | | | | 机会。 | | | | 隔夜 LME 镍涨 0.5%报 15150 美元/吨，沪镍涨 0.75%报 120680 元/吨。库存方面，昨日 | | | | LME 库存减少 144 吨至 204216 吨，国内 SHFE 仓单减少 96 至 21263 吨。升贴水来 | | | | 看，LME0-3 月升贴水维持负数；进口镍升贴水维持 250 元/吨。据铁合金，大厂 6 | 月 | | | 高镍铁第三轮招标价为 ...